UPI processes over 6.5 billion transactions in August worth Rs. 10.72 trillion (US$ 134.68 billion)
- IBEF
- September 2, 2022
Both in terms of transaction volume and value, the Unified Payments Interface (UPI) set yet another record high in August. On a month-over-month (MoM) basis, there were 6.57 billion UPI transactions totalling Rs. 10.72 trillion (US$ 134.68 billion), an increase of 4.62% and 0.95%, respectively. UPI's volume levels surpassed 6 billion for the first time since its inception in 2016 last month.
UPI processed over 46 billion transactions worth over Rs. 84.17 trillion (US$ 1.06 trillion) in FY22, surpassing the US$ 1 trillion threshold. Additionally, it processed 22.28 billion transactions worth Rs. 41.03 trillion (US$ 0.52 trillion) in FY21. Therefore, both the volume and the value of transactions increased in a year, demonstrating the country's rapid adoption of digital payments, particularly UPI.
The covid-19 pandemic has accelerated the adoption of digital payments. The digital payment index maintained by the Reserve Bank of India (RBI) has increased from 207.94 in March 2020 to 349.30 in March 2022. This index shows the degree to which payments are being digitally processed nationwide.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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